Dangote Petroleum Refinery and Petrochemicals has announced that its ongoing initial public offering (IPO) has attracted investors from 51 African countries, with subscriptions recorded from more than 90 countries globally.
The offer, which is scheduled to close on 27 October 2026, provides investors with an opportunity to acquire shares in the refinery.
Speaking on the level of participation, Dangote Group Chief Financial Officer, Murat Erden, described the offering as an opportunity for Africans and international investors to take part in the ownership of a major industrial asset on the continent.
Erden said the strong response from individuals and institutions across Africa reflected a shared interest in ensuring that Africans participate in industrial development not only as beneficiaries but also as owners who can build wealth from it.
According to the company, the IPO set a record in the Nigerian capital market on its opening day and surpassed the previous African record within its first 10 days. The refinery attributed the performance to participation from retail investors, pension funds, institutional investors, asset managers and other members of the investing public.
The company also reported a significant improvement in its financial performance for the nine months ended 30 September 2026, recording revenue of $22.5bn and a net profit of $4.7bn, compared with a loss of $117.2m during the corresponding period in 2025.
Revenue increased by 144 per cent from $9.2bn recorded in the same period of 2025, while earnings before interest, taxes, depreciation and amortisation rose nearly ninefold, from $627.6m to $5.5bn.
Operating cash flow also grew more than tenfold to $3.68bn. Meanwhile, the refinery moved from a net debt position of $1.73bn in September 2025 to a net cash position of $651m in September 2026.
Commenting on the financial results, Erden said the refinery’s performance had exceeded the baseline assumptions used to determine the IPO valuation. He added that its operational momentum, scale and efficiency continued to create shareholder value and strengthen the company’s confidence in its long-term growth prospects.
The refinery further disclosed that collaborations with markets in Botswana, Egypt, Ethiopia and Kenya had helped expand access to the offering and reduce barriers to participation for investors across Africa.
Investors participating in the IPO also have the potential to receive dollar-linked dividends, subject to the company’s dividend policy and the necessary regulatory approvals.
As the closing date approaches, the company said it had intensified investor education and engagement activities across key markets to encourage wider participation.
The refinery stated that no further extension of the offer period is currently planned.
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